View open jobs at this location. 292 Pennymac reviews in Los Angeles, CA. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. Before we begin, let me remind you that our discussion contains forward-looking statements that are subject to risks identified on slide two that could cause our actual results to differ materially as well as non-GAAP measures that have been reconciled to their GAAP equivalent in our earnings presentation. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. The return on the trade was 60.70%. million verified professionals across 35 million companies. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. A free inside look at company reviews and salaries posted anonymously by employees. No representations and warranties are made as to the reasonableness of the assumptions. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. We continue to invest in people, systems and processes across our businesses, laying the groundwork that would allow us to achieve the medium-term goals we outlined in our recent Investor Day. I'll now turn it over to Dan, who will speak to the financial results for the quarter. This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. With PFSIs historical focus on purchase market originations combined with our large and growing servicing portfolio, we believe we are well-positioned to successfully grow share in all three of our production channels, driving an increase in our overall market position. T. Rowe Price Investment Management Inc. now owns 4,992,531 shares of the real estate investment trusts stock worth $282,877,000 after purchasing an additional 256,717 shares during the last quarter. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. Mr. David Spector, CEO Mr. Andrew Chang, CFO Mr. Derek Stark, Chief Legal Officer Additional Contact Information Phone Numbers (800) 777-4001 Other Phone Email Addresses Email this. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. Now Id like to begin by introducing David Spector, PennyMac Financials President and Chief Executive Officer who will review the Companys fourth quarter and full year 2020 results. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. Pretax income excluding valuation related changes in our servicing segment in 2020 more than doubled from 2019 as we assisted borrowers emerging from forbearance using various loss mitigation strategies. His leadership helped lay the foundation for PennyMacs long term success which included building and developing a deep management team that carries on his legacy. This brings the total repurchases year-to-date to approximately $600 million. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. It is worth noting that purchase originations are expected to grow and are forecasted to be $1.7 trillion and $1.9 trillion in 2021 and 2022, respectively. Our Investment Management segment delivered pretax income of $2.6 million, down from $3.3 million in the prior quarter and down from $5.2 million in the fourth quarter of 2019. Also, our investments in technology, such as our cloud-based proprietary servicing system, have helped us to maximize economies of scale and grow efficiently, and help drive strong results for years to come. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. Importantly, and as Doug Jones, Senior Managing Director and Chief Mortgage Banking Officer, will expand on in his section of the presentation, we sold $3.4 billion in UPB of early buyout loans to third-party whole loan investors, thus reducing the risk associated with holding these loans and increasing our capital efficiency. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. The scale we have achieved in our correspondent business, combined with our low-cost structure and operational excellence in the channel, allow us to operate profitably through volatile market environments. For the complete insider trading history of PFSI, click here. The ex-dividend date was Monday, February 13th. David A Spector, Pennymac Mortgage Investment: Profile and Biography - Bloomberg Markets Markets Trafigura's Nickel Nemesis Was Already Notorious in Metal Circles The Week Your Saturday UK. Our investment management segment delivered pretax income of $4.1 million, up from $1.4 million in the prior quarter as a result of incentive fees earned and down from $4.7 million in the second quarter of 2020. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. What is the average return per transaction made by David Spector? The percentage of loans in forbearance decreased to 4.9% at June 30 from 6.3% at March 31, as borrowers in forbearance plans at March 31 who have since exited more than offset new forbearance plans. Similarly, lock volume totaled $4.5 billion, down 21%. We estimate we are now represent approximately 2.5% market share in the channel with over 2,000 brokers approved to offer our products, an increase of 11% from March 31, 2021. Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $38 billion in UPB, up 39% from the prior quarter and 85% from the fourth quarter of 2019. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. What is David Spector's role in PennyMac Mortgage? Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. Enter your email to receive our newsletter. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. I am Barclays' consumer finance analyst, Mark DeVries. With that, I will turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will go through some of the initiatives we are focused on to position us for future success in the years to come. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. What was David Spectors latest transaction? Massachusetts Mortgage Lender License # MC35953. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. We continue to originate record levels of volumes in this channel as a result of our large and growing servicing portfolio, efficient and low-cost infrastructure, advanced modeling and analytics, and the growth in sales and fulfillment capacity. Follow them so you never miss a recommendation. These increases were primarily driven by continued loss mitigation activities related to COVID-19. Pretax income, excluding valuation-related items for the servicing segment, was $174.4 million, down 33% from the prior quarter and up 101% from the second quarter of 2020. We believe this represents approximately 13% of the total brokers and non-delegated sellers active in the market today, providing continued room for growth and expansion within the channel in the future. Advances are expected to continue increasing over the next 6 to 12 months. His family and PennyMac, which announced his passing, said he died from complications . Ready to apply or complete your application? State of Wyoming now owns 5,512 shares of the real estate investment trusts stock worth $312,000 after purchasing an additional 469 shares during the last quarter. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. Thank you, Dan. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. free lookups / month. PennyMac Financial Services, Inc. (NYSE:PFSI Get Rating) CEO David Spector sold 26,169 shares of the firms stock in a transaction dated Wednesday, March 1st. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. Meet our Smart Portfolio. Stanford Kurland. President & CEO of Pennymac Financial Services Inc ( 30-Year Financial, Insider Trades) David Spector ( insider trades) sold 30,000 shares of PFSI on 01/12/2021 at an average price of $57.43. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. Segment revenue was $9.7 million, down from $9.8 million in the prior quarter which included gains related to PMT shares owned by PFSI. Its Time For A Fresh Look At The Kroger Co. West Frasers Earnings Scream Timber, Outlook Says Buy, MarketBeat.com's FREE daily email newsletter, Tower Research Capital LLC TRC Increases Position in ABB Ltd. Tower Research Capital LLC TRC Has $254,000 Holdings in Daqo New Energy Corp. ABB Ltd Shares Bought by Tower Research Capital LLC TRC. We have long-standing partnerships with several EBO loan investors, with a program in place to buy delinquent Ginnie Mae loans out of securitizations and sell them to these third-party investors. As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. Please. DO NOT SEND PAYMENTS TO THIS ADDRESS. At PennyMac, our commitment to our customers doesnt end at closing. Business Incorporated: As you can see on page 11 of our slide presentation, correspondent acquisition volumes totaled $56.9 billion in UPB in the fourth quarter, up 28% from the prior quarter and 53% from the fourth quarter of 2019. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. Our phased approach to returning to our offices extends beyond simply ensuring that PennyMacers return to a safe working environment, but also takes mindful consideration for the challenges faced by our employees related to issues such as dependent care and schooling. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. The firm engages in the production and servicing of U.S. residential mortgage loans. PennyMac Financial Services, Inc operates as a holding company. The fair value of our MSR decreased modestly in the fourth quarter, driven by higher-than-expected prepayments, increased projections for short-term prepayments and elevated levels of early buyout activity. Thank you, David. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at [emailprotected] Learn More on David A. Spector's contact information. As you can see on slide 11, approximately $37 billion of portfolio runoff in the second quarter was more than offset by the addition of $61 billion in total production. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. Thank you. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. Finally, Barclays lifted their price objective on PennyMac Financial Services from $58.00 to $69.00 and gave the company an equal weight rating in a report on Friday, February 3rd. Roles that David Spector holds in companies, The most profitable trade made by David Spector, List of latest transactions for each holding click on a transaction to see David Spector's performance on stock. North Carolina Permit No. David Spector. The Servicing segment recorded pretax income of $42 million, down from pretax income of $111.7 million in the prior quarter and up from a pretax loss of $5.1 million in the fourth quarter of 2019. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. We built our correspondent business into the largest in the U.S. over the last decade while at the same time growing our servicing portfolio, primarily organically. What is David Spector's role in PennyMac Mortgage? We issued $650 million in an inaugural senior unsecured note offering, raised funding capacity with our banking partners, and enhanced our existing Ginnie Mae MSR financing structure to include servicing advances. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $30.5 billion, down 10% from the prior quarter and up 61% from the second quarter of 2020. Production revenue margins declined from the prior quarter and revenue per fallout-adjusted lock for PFSI's own account was 154 basis points in the second quarter, down from 176 basis points in the first quarter of 2021. Net income was $453 million or diluted earnings per share of $5.97 resulting in book value growth per share of 15% to $47.80, up from $41.67 at the end of the prior quarter. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. Warning! Thanks, Doug. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. Information on this page was last updated on 3/1/2023. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. PennyMac Financial Services, Inc. (NYSE: PFSI) announced today that Doug Jones, President and Chief Mortgage Banking Officer, joined its Board of Directors effective March 1, 2023. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. The percentage of loans in forbearance decreased to 7.8% at December 31 from 10.1% at September 30 as new forbearance plans implemented since September 30 were more than offset by borrowers in forbearance plans at September 30 who have since exited. Finally, broker direct originations totaled $4.5 billion in UPB in the fourth quarter, up 28% from the prior quarter and 215% percent from the fourth quarter of 2019. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. David Spector Email Address Found 7 email address listings: @pennymacfinancial.com @countrywide.com @pennymacusa.com @pnmac.com @yahoo.com +2 more David Spector Phone Number Found 6 phone numbers: 818-292-XXXX 818-324-XXXX 818-224-XXXX 818-332-XXXX 212-761-XXXX +1 more View David's Email & Phone (It's Free) 5 free lookups per month. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. Dans son rle . As you can see on the selected operational metrics on slide 13, PennyMac Financials owned portfolio reported a prepayment speed of 32.5% in the fourth quarter, up from 29.7% in the prior quarter. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. Insiders at PennyMac Financial Services own 18.0% of the company. | 3 Mrz 2023. So while refinance origination volumes are expected to decline significantly over the next several years as a result of higher interest rates, we believe the outlook for PennyMac Financial remained strong, given our large profitable and growing servicing business, our position as one of the largest producers of purchase money loans in the U.S. and the continued expansion of our direct lending businesses. PennyMac Financial Services, Inc. (NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ET, Isaac Garden - Vice President, Investor Relations, David Spector - Chairman & Chief Executive Officer, Andy Chang - Senior Managing Director & Chief Operating Officer, Doug Jones - President & Chief Mortgage Banking Officer, Dan Perotti - Senior Managing Director & Chief Financial Officer. NMLS ID # 35953. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. 130 Westlake Village, CA, 91362 Get Directions. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart You can see the results of our hedging strategy in the full year view on slide 19. Similarly, new customer acquisition or non-portfolio interest rate lock commitments were $1.5 billion, essentially unchanged from the prior quarter and up from $274 million in the second quarter of 2020. View David Spector's email address (d*****@pennym***.com) and phone number. These technology investments are critical drivers to the growth of our direct lending businesses. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. Learn More on PennyMac Financial Services' active insiders. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. Changes in these assumptions may have a material impact on the backtested returns presented. This growth has focused on new customer acquisition and resulted in our non-portfolio interest rate lock commitments hitting a record in the fourth quarter at 1.3 billion, up from 906 million in the third quarter, an increase of 43%. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. Finally, transactions like these provide meaningful savings to PennyMac Financial over the life of the loan while providing the opportunity for redelivery in the future. The ongoing success can be attributed to the increased application of data analytics, our growing servicing portfolio and the investments we have made in the loan fulfillment and sales process. Government loan acquisitions in the quarter totaled $18.9 billion in UPB, up 11% from the prior quarter and up 14% from the fourth quarter of 2019. David Spector Chief Investment Officer Agoura Hills, California, United States 1K followers 500+ connections Join to connect Penny Mac University of California, Los Angeles Activity Thank you. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. While the Pennymac workforce stays. While many of these employees aided in our record production growth and increased servicing activities due to COVID, these hires were consistent with PFSIs long-term strategy. Interest rate lock commitments in the fourth quarter totaled $12.8 billion in UPB, up 18% from the prior quarter, and 135% from the fourth quarter of 2019. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. Thank you, Dan. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. Learn More on PennyMac Financial Services' active insiders. PennyMac Financial Services, Inc. a annonc que Doug Jones, prsident et directeur des services hypothcaires, a rejoint son conseil d'administration compter du 1er mars 2023. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. Book value per share grew 5% to $54.49 at June 30. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. Actual performance may differ significantly from backtested performance. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. Thank you for sharing your valuable opinion. Stanford Kurland, who went from being pushed out of the No. Lastly, our broker direct channel continued its impressive growth in both locked and funded volumes as we increase the number of approved brokers and our presence in the channel grows. For servicing on your existing mortgage account with Pennymac. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. In our broker direct channel, we are focused on further reducing the length of our loan origination cycle via workflow enhancements and upgrades to our broker portal, POWER. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. Sign up for a free account. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. The average return per transaction made by David Spector is 3.50%. Earnings per share grew 328% for the year with net income up 319%. Pretax income excluding valuation-related items for the servicing segment was $234.3 million, up 30% from the prior quarter and 499% from the fourth quarter of 2019. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . Before we begin, let me remind you that our discussion contains forwardlooking statements that are subject to risks identified on Slide 2 that could cause our actual results to differ materially, as well as certain non-GAAP measures that have been reconciled to their GAAP equivalent. Fourth quarter performance was very strong across loan production and servicing and we continue to see the strength of our balanced business model in our results. Co-op loans not available. Licensed by the N.J. Department of Banking and Insurance. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. David A. Spector Age : 59 Public asset : 66,368,555 USD Linked companies : PennyMac Financial Services, Inc. - PennyMac Mortgage Investment Trust Summary David A. Spector is a businessperson who has been the head of 9 different companies. 119504607, 119505929, 119506567, 119506570, 119507419. This is not a commitment to lend. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers production-related income. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. Our large, organically built servicing portfolio provides a counter-balance to our production activity. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate .
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